What to Expect When Closing On A Home
Closing on a house is an exciting moment for every future homeowner.
At the same time, it can be an overwhelming and confusing experience, particularly for those who have never purchased a home before. Therefore, if you are planning to purchase a home, it is in your best interest to learn as much about the closing process before you reach this big step.
Who to Expect At Your Home Closing
Before heading into a closing situation, it is helpful to know who will be in attendance.
The number of people who will be present at your closing will vary depending upon the state in which you are purchasing your home as well as the circumstances surrounding the purchase.
At a minimum, you will meet with the real estate agent who sold you the home, but you might also bring a settlement attorney to represent your side of the purchase. In some cases, mortgage brokers participate in the closing, but don’t be surprised if someone representing the financial institution from which you are borrowing is not present. Individuals representing the seller, such as the seller’s agent and an attorney representing the seller, may also be present at the closing. If you’re buying a home in Austin, expect to have all of the above present.
Plan Enough Time for Your Closing
While there is no guarantee regarding how long it will take for the closing to take place, you should plan on it taking about an hour.
This is because there is a significant amount of paperwork that needs to be reviewed and signed during the closing. If any issues arise during the closing process, it could easily take much longer to complete.
Bring the Right Paperwork
Although your real estate agent will bring most of the required paperwork to the closing, there are a few pieces of information that you will need to bring with you.
The two most important things you need to bring to your closing are a cashiers check and a home owner’s insurance policy. The cashier’s check will be used to pay the closing costs, while the home owner’s insurance policy will provide the proof you need to show that you have obtained the proper coverage for the house you are purchasing.
Take Possession of the Home
Although the seller is advised to keep his or her home owner’s insurance in place until the sale is officially recorded in city hall, you will take immediate possession of the home after you have completed the paperwork.
As such, you will receive the keys to the home before you leave the closing. You will also receive any necessary paperwork regarding the equipment that you purchased with the home, such as the owner’s manuals for your washing machine, garage door opener, refrigerator and any other items that come with the house.